NexTech AR closes $14M bought-deal financing for working capital

NexTech AR Solutions Corp (OTCQB:NEXCF) (NEO:NTAR.NE) (CSE:NTAR) (FRA:N29) has announced the closing of a $14 million bought-deal short-form prospectus that it plans to use for working capital and other purposes.

The augmented reality company issued 2.8 million units (each containing one share and one half of a share purchase warrant) at a price of $5 per unit. NexTech issued an additional 100,000 common share purchase warrants as partial exercise of an over-allotment option, which brought gross proceeds to roughly $14 million.

Each warrant entitles its holder to purchase a common share at an exercise price of $6 at any time until April 8, 2023. That date could be moved up with notice if NexTech stock trades above $10 on the Neo Exchange for 15 consecutive trading days.

READ: NexTech AR joins AR board of Interactive Advertising Bureau trade association

The offering was led by Research Capital Corporation (formerly Mackie Research Capital Corporation) as the sole underwriter and sole bookrunner, the company said.

NexTech is creating a buzz in the already AR space with its proprietary ecommerce platform, ARitize. ARitize is the first cross-platform, browser-based and web-enabled augmented reality ecommerce option. A monthly SaaS (Software as a Service) subscription platform, ARitize enables retailers to transform two-dimensional images into true 3D AR experiences.

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Story by ProactiveInvestors